Definitions
Here is a list of some common housing terms and their definitions.
Land Trust
A mechanism to ensure permanent affordability of homes. The land underneath a home is owned by the Land Trust and is leased for 99 years to the homeowner for a nominal fee. The home built on the land is owned by a homeowner. The homeowner receives the benefit of homeownership – tax benefits, stability, equity – but when he/she goes to sell the home, the sales price is determined based on an existing formula to ensure that the home is affordable for future low- to moderate-income families.
